In Phoenix, Many Homeowners Are Taking This Trend To Heart

Category: Finance, Real Estate.

The rapidly appreciating home values throughout Phoenix have made moving up into newer or larger homes a huge challenge for many families.

But while some home owners feel stymied by the increasing home values, others are finding it a unique opportunity to simplify their lives. Although these owners may have substantial equity built up in their first home, making the leap to another larger home may also mean substantial jumps in mortgage payments. Many communities have seen a trend of" bigger is better" , especially in the real estate arena. In 2001, Sarah Susanka wrote a book that captured a lot of attention- The Not So Big House: A Blueprint For The Way We Really Live. There are a number of neighborhoods that have large, boxy houses perched on small lots, with little thought to character or charm. This book emphasized that small homes can offer a great deal a beauty, all without the, charm and style price tag of the McMansions.

They are selling their large, family homes and moving into smaller homes that are a better fit for their lifestyle. In Phoenix, many homeowners are taking this trend to heart. If you think these smaller homes are the" starter homes" of old, think again. These homes are elegant and offer custom- built features, open floor plans, generous, luxurious pools and spas, easy access to golf courses, and plenty of room for entertainment. These homes may be smaller and may be streamlined, but that s where the similarity ends. The homeowners also realize a great deal of equity from the sale of their family home- money they can use to buy a smaller, but more luxurious home and even have money left over to invest, purchase a second home, put into a college fund, or even help other generations get into the housing market. As more of the baby boom generation decides to move down to smaller homes throughout Phoenix, it increases the inventory of family homes available for sale.

The trend of downsizing also creates opportunity for younger home buyers. An increase of inventory may soften the prices for the family home, making it a little more affordable for younger buyers that previously wouldn t have been able to afford to buy a home. The baby boom generation is alive and vital, with home needs that reflect their vitality and healthy pursuit of life. Buying a home for retirement isn t the same as getting into a retirement home.